The Daily Collegian
Terryn Buxton take care of his marajuana plants
Oakland gets OK
to grow many uana
After much debate,
Oakland City Council
voted 5-2 to allow large
scale pot growing oper
ations for medical use.
By Angela Woodall
OAKLAND TRIBUNE
OAKLAND, Calif. It's offi
cial: Oakland is set to become the
first city to allow large-scale pot
growing for medical use and
the standard-setter for the lucra
tive and largely uncharted terri
tory of industrial-scale medical
marijuana businesses.
Support this morning among
the City Council, which met to
finalize the proposal, was not
unanimous. Council members
Nancy Nadel and Jane Brunner
abstained despite weeks of
drawn-out discussion about the
plan.
But support among the eight
member council was unanimous
for laying the groundwork for
labor, environmental and product
safety standards. It's better to
iron out the details now than have
to send something back and
“start from square one,"
Councilmember Pat Kernighan
said during the last meeting
before the council’s summer
recess.
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Councilmer
BP’s CEO Hayward to
be replaced by Dudley
By Harry R. Weber
and Jane Warded
ASSOCIATED PRESS WRITERS
NEW ORLEANS The
American picked to lead oil giant
BP as it struggles to restore its
finances and oil spill-stained rep
utation pledged Tuesday that his
company will remain committed
to the Gulf region even after the
busted well is sealed.
Robert Dudley will become BP
PLC’s first non-British chief exec
utive, the company said as it
reported a record quarterly $l7
billion loss and set aside $32.2 bil
lion to cover costs from the spill.
BP ended weeks of speculation
by confirming that gaffe-prone
Tony Hayward will step down Oct.
1. The London-based company is
seeking to reassure both the pub
lic and investors that it is learning
lessons from the April 20 oil rig
explosion that killed 11 workers
and set off the worst offshore spill
in U.S. history.
“We are taking a hard look at
ourselves, what we do and how
we do it,” BP Chairman Carl-
Henric Svanberg told investors
during a webcast presentation on
the company’s earnings. “What
we learn will have implications
for our ways of working, our strat
egy and our governance.’’
Svanberg said the company’s
priority was to stop the Guff leak
permanently and then to clean up
miles of spoiled waters and
beaches and compensate people
whose livelihoods have been lost
because of the accident.
But he added that the company
was determined to restore value
to shareholders after a 35 per
cent, or $6O billion, drop in market
value to around $ll6 billion since
the explosion. Under U.S. political
pressure, BP also axed dividends
to shareholders this year.
In New York, BP stock slumped
about 1.8 percent to $37.95 in
afternoon trading after BP
announced it would sell $3O billion
in assets to help pay potential
costs related to the spill.
Analysts said they were disap
pointed at how many assets BP
was willing to sell and thought its
cost estimate is on the conserva
tive side.
BP made its estimate on the
assumption that it won’t be
“I listen hard... and have worked with
restructuring organizations to achieve
change.”
deemed “grossly negligent” in its
handling of the well. If it is, then
BP won’t be able to ask its part
ners to help pay for the cleanup,
and federal fines will go up.
“The penalties are obviously
going to be more than what
they’re saying,” Oppenheimer &
Co. analyst Fadel Gheit said.
Dudley, BP’s managing direc
tor, was brought in to oversee the
spill response after Hayward was
vilified for a series of ill-timed
moves, including saying that he
would like his life back and
attending a yacht race off the
coast of England as Gulf resi
dents struggled to cope with the
spill. Dudley lost out to Hayward
on the CEO slot three years ago.
“I don’t particularly like talking
about myself, but I think you will
find I listen hard and carefully to
people and have worked with
restructuring organizations to
achieve change,” he told
reporters by phone from London
on Tliesday. “I did not seek out
this job. I was asked to step into
Outgoing CEO Tony Hayward, left, Chairman Cari-Henric Svanberg, and
incoming CEO Bob Dudley, right, appear outside BP headquarters.
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Wednesday, July 28, 2010 I
Robert Dudley
BP’s managing director
these shoes, and I firmly and
deeply believe that BP is a com
pany made up of great people and
great businesses.”
Dudley will be based in London
and will hand over spill response
coordination to Lamar McKay,
the chairman and president of BP
America.
“There’s no one thinking that
way,” he said.
White House press secretary
Robert Gibbs said Tuesday that
President Barack Obama dis
cussed the change in leadership
with the chairman of BP’s board
Monday. No details about the con
versation were released.
“Our concern is not who heads
BP Mr. Hayward is leaving,”
Gibbs said. “The key is that BP
can’t leave and should not leave
the Guff. That is our viewpoint. I
think that is the viewpoint of
everyone involved here. They
have obligations and responsibili
ties as the responsible party in
this instance that have to be met
regardless of who the CEO is.”
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